KUWAIT CITY, Feb 16: KIPCO — the Kuwait Projects Company — has announced a net profit of KD 53.03 million ($ 175 million), or 34.05 fils ($ 11.2 cents) per share for the year ended Dec 31, 2015 — an increase of 15 per cent on the KD 46.1 million ($ 152 million), or 33 fils ($ 11 cents) per share, reported in 2014.
KIPCO’s Board of Directors is recommending a cash dividend of 25 per cent (25 fils per share), subject to approval by the company’s General Assembly and regulatory authorities.
Total revenue from continuing operations in 2015 increased 4 per cent to KD 621 million ($ 2.1 billion) compared to the KD 598 million ($ 2 billion) reported in 2014.
In 2015, consolidated assets increased to KD 9.6 billion ($ 32 billion) from KD 9.3 billion ($ 31 billion) in 2014.
KIPCO’s 4th quarter profit (for the three months ended Dec 31, 2015) came to KD 16 million ($ 53 million), an increase of 12 per cent on the KD 14.3 million ($ 47 million) profit achieved in the same period of 2014. Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive), said the company’s positive 2015 results were achieved despite the economic and political circumstances prevalent in the region:
“The results we achieved during 2015 reflect the strong performance of our core companies. Despite the political and economic circumstances affecting the region, we have delivered results in line with our targets and remain on course to double our 2014 profit by 2018. Our level of performance in 2015 make this KIPCO’s twenty-fourth consecutive year of profitability.
The performance of our core sectors – which include banking, media, real estate and insurance – was characterized by significant growth trends. In the banking sector, Burgan Bank has continued to achieve strong profitability. OSN, our pay-TV company, continues to grow in revenue, while our insurance company, GIG, remains a leader in four of the markets in which it operates. Overall, we are pleased with our companies’ progress and results in 2015.”